Correction to Story on Repsol Investment in Norwegian Field

Repsol SA (REP.MC) said Tuesday that it has submitted a revised plan for development and operation of the Yme field to the Norwegian Ministry of Petroleum and Energy, with a total investment of around 8 billion Norwegian kroner($950 million).

The revised plan includes the re-use of existing wells and drilling new ones.

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The recoverable oil reserves for the Yme field are estimated at approximately 65 million barrels at 10 year's total production, the Spanish integrated oil-and-gas company said.

Production at the Yme field is expected in the first half of 2020.

Repsol said that Norwegian suppliers will account for 70% of the total investment.

Repsol is acting as operator of and on behalf of the partners in a consortium for the project, where it holds a 55% stake. Other partners include Lotos Exploration and Production Norge AS with a 20% stake, OKEA AS with 15% and KUFPEC Norway AS with 10%.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

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Corrections & Amplifications

This item was corrected at 11:44 a.m. ET. The original headline incorrectly stated that Repsol was making the investment on its own.

Repsol and partners are investing about $950 million in the Yme field in Norway. "Repsol to Invest $950 Million in Norwegian Field," at 1617 GMT, misstated who was making the investment in the headline. Repsol isn't making the investment on its own.